Foreign Property Worth Over $100,000 CAD

 In the last few years you have probably noticed a question on your Canadian income tax return asking if you owned any foreign property: "Did you own or hold specified foreign property where the total cost amount of all such property at any time, in the tax year, was more than $100,000 CAD?" What [...]

Remote Tax Preparation

Personal Tax Advisors completes all tax preparation remotely (phone-based, no in-person appointments). If you require a meeting via video chat or in-person, please inform us before booking your appointment. Remote Tax Preparation allows you to have the same level of service as an in-person appointment, but with the convenience of not having to come to [...]

No Good Deed Goes Untaxed

Parents want the best for their kids, and that often extends to giving away some of their assets in order to help their adult children get established in life. But while Canadian tax law renders gifts exempt from tax for the receiver, they can be taxable for the giver due to rules around capital gains. [...]

Does your foreign real estate have to be declared on T1135?

Form T1135 must be filed when a person answers 'yes' to the question "Did you at any time in the year own foreign property valued at over $100,000 (CAD)?" However, some real estate is considered exempt from this question, and therefore doesn't trigger -- and need not be reported on -- form T1135. If the [...]

All About CRA Matching

It’s a little-known fact that when CRA first receives an income tax return and sends the taxpayer a Notice of Assessment, they do little to no review of what is actually in that tax return. Unless your return has been selected for a pre-assessment review, for the most part CRA just goes along with whatever [...]

Never Miss Another Tax Slip

©iStockphoto/gemenacom If you want to file your taxes but aren't sure you have all your tax slips, Personal Tax Advisors can help. Personal Tax Advisors now offers clients free automatic slip downloads directly from the Canada Revenue Agency (CRA). With your permission and some basic details about your account, we can find every [...]

Why Do I Owe Income Tax?

It's a terrible experience: you go to your tax preparer with your hopes high, and you get handed an income tax bill. It's even worse when your income has dropped in the past year, or was modest or even low. How can you owe tax? The problem is that an income tax bill isn't necessarily [...]

How To File Your GST-HST Return From A Completed Worksheet

If you have a completed GST-HST worksheet you can easily file your GST-HST return, either by using the figures on the Worksheet and transfering them to a return, or by signing and dating the worksheet itself and mailing it to the Canada Revenue Agency. (If you're not sure what a GST-HST worksheet looks like, you [...]

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